kaal:claim:2998097-038

The proliferation of unconstrained mutual funds calls into question the effectiveness of retail investor protections under the Investment Companies Act of 1940, because shares in funds that carry private fund strategies and risks may be bought by retail investors with limited or no investment experience.

However, unlike private funds, which are generally limited to investors who satisfy particular investment sophistication and net worth requirements, shares of UMFs may be purchased by retail investors, including those with quite limited or even no investment experience.

Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017), V.2 Implications, p. 47
https://ssrn.com/abstract=2998097 · source PDF

Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097

• unconstrained mutual funds sold to retail investors
• United States

failuresupport: arguedfailure: Retail access to private fund risk without suitability gatefamily: investor-protection-gapprivate-funds

• extends kaal:claim:2811729-001 The proliferation of unconstrained mutual funds calls into question whether the retail investor protections bu...
• restates kaal:claim:2811729-036 The Company Act's retail investor protection policies do not take sufficiently into account the investment str...

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